121.72 Allocations to investment plan member accounts; percentage amounts.—
(1) The allocations established in subsection (4) shall fund retirement benefits under the investment plan and shall be transferred monthly by the Division of Retirement from the Florida Retirement System Contributions Clearing Trust Fund to the third-party administrator for deposit in each participating employee’s individual account based on the membership class of the participant.
(2) The allocations are stated as a percentage of each investment plan member’s gross compensation for the calendar month. A change in a contribution percentage is effective the first day of the month for which retirement contributions may be made on or after the beginning date of the change. Contribution percentages may be modified by general law.
(3) Employer and employee contributions to member accounts shall be accounted for separately. Interest and investment earnings on contributions shall accrue on a tax-deferred basis until proceeds are distributed.
(4) Effective July 1, 2002 through June 30, 2012, allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts are as follows:
Membership Class
Percentage of Gross Compensation
Regular Class
9.00%
Special Risk Class
20.00%
Special Risk Administrative Support Class
11.35%
Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders
13.40%
Elected Officers’ Class— Justices, Judges
18.90%
Elected Officers’ Class— County Elected Officers
16.20%
Senior Management Service Class
10.95%
(5) Effective July 1, 2012, through June 30, 2022, allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts are as follows:
Membership Class
Percentage of Gross Compensation
Regular Class
6.30%
Special Risk Class
14.00%
Special Risk Administrative Support Class
7.95%
Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders
9.38%
Elected Officers’ Class— Justices, Judges
13.23%
Elected Officers’ Class— County Elected Officers
11.34%
Senior Management Service Class
7.67%
(6) Effective July 1, 2022, through June 30, 2023, allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts are as follows:
Membership Class
Percentage of Gross Compensation
Regular Class
9.30%
Special Risk Class
17.00%
Special Risk Administrative Support Class
10.95%
Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders
12.38%
Elected Officers’ Class— Justices, Judges
16.23%
Elected Officers’ Class— County Elected Officers
14.34%
Senior Management Service Class
10.67%
(7) Effective July 1, 2023, allocations from the Florida Retirement System Contributions Clearing Trust Fund to investment plan member accounts are as follows:
Membership Class
Percentage of Gross Compensation
Regular Class
11.30%
Special Risk Class
19.00%
Special Risk Administrative Support Class
12.95%
Elected Officers’ Class— Legislators, Governor, Lt. Governor, Cabinet Officers, State Attorneys, Public Defenders
14.38%
Elected Officers’ Class— Justices, Judges
18.23%
Elected Officers’ Class— County Elected Officers
16.34%
Senior Management Service Class
12.67%
History.—s. 1, ch. 2002-177; s. 34, ch. 2011-68; s. 5, ch. 2012-146; s. 3, ch. 2022-159; s. 11, ch. 2023-193.
